Listed farming company AgriNurture Inc. (ANI) has raised P320 million in fresh capital through the additional investment of GEM Global Yield Fund Ltd. of the United Kingdom and Southern Field Limited.

In a disclosure to the Philippine Stock Exchange (PSE) Monday, ANI chief finance officer Kenneth Tan said Gem Global subscribed to 9.3 million shares while Southern Field bought 4.03 million shares.

The shares were subscribed at P24.015 each, a slight discount to the previous trading day’s closing price of P24.50 per share at the PSE.

ANI did not disclose who owned Southern Field or whether it is affiliated with Gem Global.

Gem Global had committed to invest a maximum of P1.1 billion in ANI had signed an investment agreement granting GEM the right to purchase shares in ANI for up to an aggregate value of P500 million.

The price per share and number of primary shares to be issued to GEM will depend on each draw down notice or amount to be submitted by ANI.

The agreement also provides that ANI shall issue to GEM or its order, one or more warrants to subscribe for up to 30 million shares in the company at P20 per share or a total of P600 million.

GEM Global Yield Ltd. is part the Global Emerging Market Group (GEM group) that was founded in 1991. It is a UK based investment group that manages a diverse set of investment vehicles focused on emerging markets across the world.

GEM Group’s activities and investment span across a broad spectrum of industries and transactional structures.

ANI CEO Antonio L. Tiu said GEM’s investment is another confirmation that with the right business model, agribusiness can be a profitable venture.

ANI is engaged in the business of farming, distribution, processing and export. It is aggressively expanding its business operations and now has several subsidiaries in the Philippines.